to make its prime tradingplatform a referencemarket in every respect:a complete servicechain from order routing,trading and clearing downto settlement ensuringadditional cost-efficiencyfor market participants,as well as effectiveelimination of counterpartyrisk by providing a centralcounterparty, just to namea few. It is this blend ofquantitative and qualitativefactors that will ensurethat Xetra will continue tofulfill its responsibilities asa reference market, andto cater to the overall pan-European market quality. ncan offer. To ensure – andmaintain – liquidity thisdeep, Deutsche Börse hasdecided to engage in atrial run that starts earlyOctober 2016, wherebyDeutsche Börse will launcha new Liquidity Provisionscheme that will be madeavailable for liquidityproviders. The schemewill not only be applicableto direct members ofXetra but also to indirectparticipants.

One of the most important
tasks of a reference
market is offering market
participants who want to
trade large volumes of
securities a convincing
alternative to dark trading.

In order to attract order
flow and facilitate block
trading without undesired
market impact, Deutsche
Börse introduced the
innovative Volume
Discovery Order on Xetra.

The underlying logic of thisorder type is based uponthe iceberg order, but withdramatically improvedexecution probability atXetra MidPoint. Given thata significant proportionof the Xetra liquidity poolis made up of IcebergOrders of which roughly43% are Large in Scale(LIS) upon order entry, theprobability of executionis enhanced. For blocktrading in ETFs, anotherasset domain whereXetra leads in Europewith a market share of 31percent, Deutsche Börseoffers the Xetra QuoteRequest facility, whichallows for a market-neutralon-exchange execution oflarge ETF and ETP ordersincluding CCP clearing.

Services offered by
a reference market
should be
reference, too

Right from the start,
Deutsche Börse has
made continuous efforts

BUSINESS PROFILE

“Right from the start, Deutsche
Börse has made continuous efforts
to make its prime trading platform
a reference market in every respect.”